The Sandbox pledges 1:1 repayment after $700K bridge exploit
Blockchain gaming platform The Sandbox has pledged to repay eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained 14.744 SAND, worth about $700,000, from an Ethereum vault.
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Key Facts
- Fact 1: Blockchain gaming platform The Sandbox has pledged to repay eligible SAND holders 1:1 after an Aug.
- Fact 2: 21 bridge exploit drained 14.744 SAND, worth about $700,000, from an Ethereum vault.
- Fact 3: Two centralized exchanges hold more than 72% of eligible balances and will distribute compensation directly to their affected customers, according to The Sandbox.
- Fact 4: The Sandbox confirmed that about 14.7 million SAND tokens were drained, equivalent to about 0.5% of the token’s 3 billion maximum supply.
Blockchain gaming platform The Sandbox has pledged to repay eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained 14.744 SAND, worth about $700,000, from an Ethereum vault.
On Thursday, the company published a post-mortem, saying users who legitimately held bridged SAND on Base or BNB Smart Chain before the attack will receive an equal amount of Ethereum-based SAND. Compensation will come from The Sandbox treasury, with no new tokens minted. The claims process is expected to open within two weeks and remain open for another two weeks.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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Original source: Cointelegraph
Also reported by The Defiant.